The purpose of this open-label, dose-escalation study is to evaluate the effect of BB-2516 on cancer specific antigen (CA-125) as surrogate marker of tumor progression. The objectives are (1) to evaluate the safety and tolerability of BB-2516 when administered to patients with advanced ovarian malignancy and (2) to determine the maximum tolerated dose and or optimum biological dose of BB-2516 in this setting.